“Bitcoin is Dead” achieves an ATH on Google Trends


According to Google Trends data, the search query “Bitcoin is Dead” reached an ATH, hitting a high of 100 out of 100 on 18 June. 

Google Trends records a new peak for the search query “Bitcoin is Dead”

Google Trends chart for Bitcoin is Dead” searches

 

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By now it is clear. The general market sentiment is totally negative. This is confirmed by Google Trends data, which record a peak for the search phrase “Bitcoin is Dead”. 

Search interests divided by geographic area 

As can be seen from the image above, the highest search volumes come from Canada, the United States and the United Kingdom. 

It is well known how general market sentiment is influenced by the performance of the asset in question. Less experienced investors are almost never rational and their choices are mainly driven by emotions

When new highs are reached and we are in a prolonged bullish phase, enthusiasm and euphoria take over. Conversely, when such a sustained slump occurs, people begin to feel fear and lose confidence in their investment choices. 

This is confirmed by the data recorded by the Fear and Greed Index, which currently stands at 9, a level indicating “Extreme Fear”.

Fear and Greed Index at an all-time low

Sentiment analysis explained in brief 

Clearly, the type of research also changes depending on the performance of the asset. During a bull phase, one can see that most people talk about it in a positive sense. Now, apparently, they all think Bitcoin is dead. So, once again, it is returns that drive emotions, and vice versa! 

In a market as irrational as the cryptocurrency market, it is not hard to believe that it is general sentiment that largely drives the price of a digital asset. Indeed, there are several studies that find applications in the field of Natural Language Processing (NLP). The aim is to predict short-term returns by exploiting complex machine learning models, using sentiment analysis as a basis.

The losses recorded by Glassnode and the “deaths” of Bitcoin

In the last few days, Bitcoin has broken through the famous $20,000 support, reaching a low of $17,593. At this point, it is easy to see how a total negative sentiment has turned into a massive sell-off of the held asset. 

Glassnode, a leading crypto analytics firm, shared a thread on Twitter detailing what has happened over the past three days:

Investors, who had bought at much higher prices, realized a total loss of $7.325 billion on the market, described as the largest in Bitcoin‘s history. 

Bitcoin obituaries 

There is also the curious case of the 99bitcoins portal, which records how many times Bitcoin has died in a given period of time. The obituary list on the site shows how BTC “died” 15 times in 2022, and 455 times throughout its history

Chart of Bitcoin deaths recorded from the beginning of 2022 to now

Any content that explicitly expresses the end of Bitcoin, describing it as useless or worthless, is defined as “Bitcoin Obituary”. 

The latest source dates back to a tweet by the famous economist Peter Schiff, who has always been against the queen of cryptocurrencies: 

In this case, death was recorded by the phrase “Bitcoin will not recover” at the end of his tweet. His perspective on the cryptocurrency market remains quite clear:

“… This crash is just beginning. #Bitcoin will not recover”.





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